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FBAR with foreign asset but no foreign address

Level 2

I have a client with a pension that is considered a specified foreign financial asset. I'm trying to e-file the FBAR but because the only address I have is in the US, I get an error for not putting a foreign country. Does anyone know a work around for this?


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1 Comment 1
Level 15

First, SFFA is term of art for FATCA under §6038D and is not relevant for FBAR, although there are overlapping reporting requirements.

What US address are you referring to?  I presume that account is in a foreign country and the trustee should have a foreign address although your client may be in the US.

If this is a foreign pension account, there's a lot more you should worry about.  There could be foreign grantor trust and PFIC issues that require disclosure, reporting, and could have substantial tax and penalty exposures, depending on whether the arrangement is covered by a treaty provision.

Still an AllStar